Explained variable

(−20, 20)

(−30, 30)

(−60, 60)

(−90, 90)

Clsprc

−0.754**

−0.742**

−0.512**

−0.337**

Daily closing price

(0.355)

(0.301)

(0.210)

(0.165)

lnDnshrtrd

−0.500***

−0.430***

−0.356***

−0.405***

Daily trading shares

(0.0813)

(0.0645)

(0.0443)

(0.0361)

lnDnvaltrd

−0.586***

−0.514***

−0.451***

−0.494***

Daily transaction amount

(0.0894)

(0.0710)

(0.0484)

(0.0387)